Pocket Corporation acquired 100 percent of the voting shares of Sleeve Inc. by issuing 10,000...
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Accounting
Pocket Corporation acquired 100 percent of the voting shares of Sleeve Inc. by issuing 10,000 new shares of $5 par value common stock with a $30 market value.
Required: 1. Which company is the parent and which is the subsidiary? 2. Define a subsidiary corporation. 3. Define a parent corporation. 4. Which entity prepares the consolidated worksheet? 5. Why are consolidation entries used?
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